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#1872104 - 11/18/13 04:46 PM CDs that allow multiple deposits and withdrawals
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Joined: Nov 2008
Posts: 1,061
In the mountains
If a CD allows for unlimited deposits and withdrawals, would a penalty apply in this scenario?

Balance of the CD on 11.18.13 is $1000 (funds deposited 9.1.13). Deposit made on 11.19.13 for $300. Withdrawal made on 11.22.13 for $600.

Does the penalty apply because there is a withdrawal within six days of a deposit? or the fact that there were funds of $600 that have been on deposit since 9.1.13 mean that no penalty on the withdrawal is required?
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Operations Compliance
#1873236 - 11/21/13 05:55 PM Re: CDs that allow multiple deposits and withdrawals Likes to Comply
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Posts: 1,061
In the mountains
Bump
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